So far, so good...Gold and Silver's impressive response to the potential for pressure presented by the hokey Nonfarm Payrolls numbers has been telling. Technicals and fundamentals involving both are beginning to trump all economic "data" and the efforts of dem Rat Bastids with the PPT. We have the vermin on the run now...yet it remains to be seen how far into the hills we can drive them before they can muster a counter-attack.
The US Dollar remains weak, Euro Gold is back over 500 Euro, Gold Stocks relative to Gold Bullion are on the verge of a major breakout, inflation is hot, the economy is cold, corporate profits are teetering, and China is pissed at the USA. Just a few good reasons to own Gold and Silver, eh?
Occasionally, it is wise to step aside and watch events unfold...over analysis can and often does lead to trading mistakes. For now, let's sit on our hands and wait for Friday The 13th. Always be prepared to react if dem Rat Bastids should try and pull a fast one on us. Any pressured reaction in the PMs should be swift and fleeting in the environment we find ourselves this week. My single overriding concern right now is that the run in Copper may be getting a bit tired here, and may need to pause some to catch it's breath. Copper support at 334.50. http://stockcharts.com/h-sc/ui?s=%24copper
Silver Resistance: 13.88 / 14.04 / 14.12
Silver Support: 13.78 / 13.67 / 13.60
____________________________________ All Prices are Spot
Gold Resistance: 677 / 681.10 / 685.50
Gold Support: 674.50 / 670.30 / 666
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